One of my favorite spots in Panama is Bocas del Toro and on our last trip we stayed in these perfectly placed over-the-water villas surrounded by nothing but the Caribbean Sea and the lush mangroves that protect the coast. Eco-friendly Bocas Villas (bocasvillas.com) is comprised of a set of four one-bedroom villa rentals (owner/manager Philip Albrecht is currently residing in one of the units) that stretch out over the sea, anchored by a string of boardwalks and a dock. If you want to totally relax and unplug, this is the place. We rented two side-by-side villas and some of our best days (and nights) were spent just hanging out on our patios, swimming and snorkeling right off our own dock, and attempting to catch dinner via a speargun and the seas natural bounty (note: we were never successful). While we were there, my cousin shot this video. It does the best job of summing up our experience at Bocas Villas.
For general trip-planning information, see our Panama Travel Guide.